What does $100 Ether mean?
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What does $100 Ether mean?
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Re: What does $100 Ether mean?
#2I think it means a lot of people are going to lose a lot more money than $1 Ether would have meant.
1. The halting problem states you can't predict what a turing complete program will do, until you run it. This means to some degree, that you can't predict what your "smart" contract will do, until it does it. Thus turing completeness causes security to be far, far harder than non turing completeness. This is how you lose the millions of dollars as the DAO did after it passed audits.
2. Competing implementations of consensus code in different languages greatly increases breakdown of consensus. (more millions have been lost over this, and it created a fork at about 10 percent the value of the old chain.)
3. You can buy things with bitcoin. What can you buy with ETH? If you can't buy anything with a currency, it's not a currency.
Thus, human resolved chain rollbacks? Check. Failed consensus between implementations? Check. Passed audit yet totally failed smart contracts? Check. No place to spend them? Check. New tokens given out all the time forever? Check.
Every dollar that goes into bad ideas is taken directly from the good ideas. Smart contracts can never be smart until oracles are solved. Oracles aren't solved. ETH has all the technical odds and history stacked against it, however some how, the people that bought them aren't dumping.
There's a saying that the market can stay irrational longer than you can stay solvent.
Re: What does $100 Ether mean?
#3I think it means a lot of people are going to lose a lot more money than $1 Ether would have meant. 1. The halting problem states you can't predict what a turing complete program will do, until you run it. This means to some degree, that you can't predict what your "smart" contract will do, until it does it. Thus turing completeness causes security to be far, far harder than non turing completeness. This is how you l…
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Re: What does $100 Ether mean?
#4I think it means a lot of people are going to lose a lot more money than $1 Ether would have meant. 1. The halting problem states you can't predict what a turing complete program will do, until you run it. This means to some degree, that you can't predict what your "smart" contract will do, until it does it. Thus turing completeness causes security to be far, far harder than non turing completeness. This is how you l…
You can buy ICOs with eth.
Did you ever consider that the currency part of cryptocurrency was a misnomer and has nothing to do with the value of the asset?
Re: What does $100 Ether mean?
#5I think it means a lot of people are going to lose a lot more money than $1 Ether would have meant. 1. The halting problem states you can't predict what a turing complete program will do, until you run it. This means to some degree, that you can't predict what your "smart" contract will do, until it does it. Thus turing completeness causes security to be far, far harder than non turing completeness. This is how you l…
Theoretically ETH can easily replace bitcoin as a payment method for anything that can be bought with BTC currently. I would imagine some people investing in ETH are expecting that to happen.
Re: What does $100 Ether mean?
#6This guy Vinay Gupta really has a gift for writing about technology. Lots of clear technical concepts without resorting to jargon, bright syntax and style, and never pedantic.
Re: What does $100 Ether mean?
#7I think it means a lot of people are going to lose a lot more money than $1 Ether would have meant. 1. The halting problem states you can't predict what a turing complete program will do, until you run it. This means to some degree, that you can't predict what your "smart" contract will do, until it does it. Thus turing completeness causes security to be far, far harder than non turing completeness. This is how you l…
"3. You can buy things with bitcoin. What can you buy with ETH? If you can't buy anything with a currency, it's not a currency."
This is the one that really sticks out to me. What do people need any of this for? I think they did a fine job pitching the value of smart contract / blockchain technology. But why do I, or a bank, or society need anything beyond those?
The tech may be useful, but what 99% of these discussions come down to is whether you think a decentralized currency and disintermediated payments system have value. I don't really see the need for the vast majority of society to have the former in the long run, and I think the latter is actively harmful and impractical. Like you pointed out, you're inevitably going to have these code failures, disagreements, etc. Those are basic failures of any human-designed and human-negotiated system. As far as those go, I still prefer to wager my business on the time-worn technology of English common law.
As far as the tech goes, yes, banks should get behind some of this. Their infrastructure is garbage and could well benefit from associations of private chains and the like.
Re: What does $100 Ether mean?
#8I think it means a lot of people are going to lose a lot more money than $1 Ether would have meant. 1. The halting problem states you can't predict what a turing complete program will do, until you run it. This means to some degree, that you can't predict what your "smart" contract will do, until it does it. Thus turing completeness causes security to be far, far harder than non turing completeness. This is how you l…
> The halting problem states you can't predict what a turing complete program will do, until you run it. This means to some degree, that you can't predict what your "smart" contract will do, until it does it. Thus turing completeness causes security to be far, far harder than non turing completeness. This is how you lose the millions of dollars as the DAO did after it passed audits.
The Halting Problem states that you can't create a general purpose algorithm for predicting what an arbitrary program in a Turing Complete language will do. This is very different.
Re: What does $100 Ether mean?
#9[deleted]
Re: What does $100 Ether mean?
#10I think it means a lot of people are going to lose a lot more money than $1 Ether would have meant. 1. The halting problem states you can't predict what a turing complete program will do, until you run it. This means to some degree, that you can't predict what your "smart" contract will do, until it does it. Thus turing completeness causes security to be far, far harder than non turing completeness. This is how you l…
I've been in crypto since 2011. If critical mass/adoption/press/uptime/wallets/ matter to you, then there's you know what. The problems ETH has had would be predicted by anyone looking at their choices. They will continue to have the same problems for the same core reasons. Good news for people long ETH though, it seems the market doesn't really care about the downtime, or forks, or risks of dual codebases or the halting problem of turing comleteness in smart contracts. Hell, they dont' even care about user wallet adoption, or retailer adoption, so, it would seem that the price can just keep going up without really hitting any of the metrics other crypto's have cared about.